2021-03-31-accounts

Opera North Future Fund

Trustees’ report and financial statements

Charity registered number 1122499 31 March 2021

Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Contents

Legal and administrative information	2
Report ofthe Trustees for theyear ended 31 March 2021	eB)
Statement ofTrustees’ responsibilities in respect ofthe Trustees’ annual report and the financial statements	6
Independent Examiner's report to the Trustees ofOpera North Future Fund	7
Statement offinancial activities	8
Balance sheet	9
Cash flow statement	10
Reconciliation ofnet cash flow to movement in net debt	10
Notes	1]

1

Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Legal and administrative information

Trustees

Sir Andrew Lawson-Tancred BT Chair Mr Paul Lee OBE DL MA LLM Dr Richard Mantle OBE DL Mrs Rebecca Bletcher Vice Chair Mrs Kate Spencer (resigned 16 June 2020) The Hon. Mrs Diana Dent

Clerk to the Trustees

Ms Kirsty Bullen

Charity Number: 1122499

Principal Office

Howard Opera Centre, 8 Harrison Street, Leeds, LS] 6PA

Independent Examiner

Richard Lewis FCCA, RSM UK Tax and Accounting Limited, Chartered Accountants, Two Humber Quays, Wellington Street West, Hull, HU1 2BN

Bankers

Coutts & Co, 440 Strand, London, WC2R 0QS HSBC, 33 Park Row, Leeds, LS] 1LD

Solicitors

Wrigleys LLP, 19 Cookridge Street, Leeds, LS2 3AG

Investment Managers & Brokers

Redmayne Bentley, 9 Bond Court, Leeds, LS1 2JZ

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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Report of the Trustees for the year ended 31 March 2021

The Trustees present their report and the financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 and 12 and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 and as amended on | January 2019. Legal & administrative information is set out on page 2.

Structure, Governance and Management

The Opera North Future Fund is constituted under a trust deed dated 20 December 2007 and is a registered charity, number 1122499.

The Trustees who have served during the year are set out on page 2. The Chairman of Opera North Limited (Paul Lee) and the General Director of Opera North Limited (Richard J Mantle) are Trustees ex-officio. All Trustees have the same rights and receive no benefits for their services.

Under the terms of the trust deed, the first Trustees shall appoint not less than two independent Trustees. Trustees are entitled to hold office for a period of five years from the date of the Trust Deed. Future independent Trustees must be appointed for terms of office of three years by resolution of the Trustees. A retiring Trustee who is competent to act may be re-appointed at the end of his/her term of office but is not eligible for reappointment if he/she has held office for a continuous period of nine years.

The Trustees must hold at least two meetings a year. At these meetings, the Trustees discuss and agree the broad strategy for the year and the programme of forthcoming activities to support. The Opera North Future Fund has no direct staff or employees, but administrative support 1s provided by the staff of Opera North Limited.

Risk Management

During the year the Trustees continued to examine the major strategic, business and operational risks which the charity faces and as appropriate have established systems to report on and mitigate any identified risks. The investment management provision has continued to remain under review during the year, particularly in light of the challenging investment environment caused by Covid-19.

The Trustees consider that adequate controls are in place to mitigate the key risks identified. Since March 2020, the Trustees have been keeping under review any risk areas that may be impacted by Covid-19.

Trustee training

New Trustees undergo a programme of induction, which is planned to allow a thorough insight into the activities of the Charity. At the time of appointment each Trustee receives an Induction Pack which includes a copy of the Trust Deed, the dates of scheduled meetings, most recent financial statements and other appropriate literature detailing events and forthcoming activities. Throughout the year Trustees are sent Charity Commission newsletters and other published material relating to corporate governance and legal obligations to keep them abreast of their responsibilities.

Objectives and Activities

The objects of the charity are to promote and further the objects of Opera North Limited (registered charity number 511726 and registered company number 1550778) for the benefit of the public by making grants to Opera North in particular, but without restriction, to encourage and support its artistic aspirations and developmental initiatives.

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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Trustees’ Report (continued)

The objects of Opera North are to encourage the understanding and appreciation of the lyric art by providing, presenting, organising, managing and conducting opera performances, symphony concerts and educational events primarily in the North of England. Opera North may present, promote, organise, provide, manage, produce or conduct such performances of opera, music, drama, films, lectures, recitals, discussions or exhibitions including broadcasting, television, and other means of reproduction in the United Kingdom and abroad as appropriate.

The Achievements and Performance section of this report details the specific projects which the Opera North Future Fund has agreed to support in meeting these objectives.

Grant making policy

The Trust invites applications from Opera North Limited for financial and other support in accordance with its charitable objects. All applications are considered at Trust meetings and decisions speedily communicated to the applicant.

Achievements and Performance

During the year the Trustees and management of Opera North agreed that no funding requests would be made. Ata time of uncertainty the Trustees felt it prudent to maintain reserves and expendable funds to be used in support of Opera North as it emerged from the pandemic. The key strands of activity that the Opera North Future Fund had historically supported were maintained during the year as Opera North was able to access vital support from sources such as the Job Retention Scheme and DCMS Cultural Recovery Fund. That support allowed key programmes of work such as Opera North Education and Community Partnerships to maintain activity in support young people and community groups during lockdown. The DARE Pettman Fellowship was suspended during the year with a new student placement recruited for September 2021.

Financial Review

In the year ended 31 March 2021 the charity has received donated income totalling £205,875 (2020: £500,775). As stated in the accounting policies section, note 1, donations are credited in the accounting period of cash receipt, which reflects the period when the Charity is entitled to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The Trust has agreed to provide financial support for a number of projects and the detail of payments made to date can be found in note 5.

Investment policy

The Trustees have powers to deposit or invest funds in any manner but to invest only after obtaining advice from a financial expert and having regard to the suitability of investments and the need for diversification. The Fund Managers, Redmayne Bentley were appointed to invest the capital of the Trust. Both have placed funds in a mixed portfolio of stocks and shares, index linked treasury and foreign treasury notes and cash products.

Gains and losses on investments are consolidated into the fund and re-invested where appropriate. The funds are disclosed at market value at the year-end.

As and when funds are required to meet commitments, the Trustees will draw down from the portfolios. Aside from the investments held with the Fund Managers the charity does not hold any investment funds other than monetary funds. All cash balances are on immediate notice to allow complete flexibility of operation.

Reserves Policy

It is the policy of the charity to build an expendable endowment fund which will provide an annual income to support activities and cover administration and support costs. Such costs are being kept to a minimum as general office and administrative support is being provided by Opera North Limited. Due to the low volume of transactions and simple nature of the charity, these support costs are not considered significant. Free reserves of £5,000 are sufficient to cover

4

Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Trustees’ Report (continued)

general governance and support costs. Current free reserves, represented by the unrestricted funds of the Charity, are £5,607 (2020: £5,607).

Plans for the future

The Trust continues to support a number of Opera North development projects and collaborations with the University of Leeds and continued investment in digital technologies.

The Trustees encourage Opera North to submit plans for activity which Opera North otherwise would not be able to commit to, rooted in the core company purpose of creating extraordinary experiences through music and opera. The Trust is keen to expand a legacy giving scheme and continues to work with potential new supporters to build the expendable endowment fund.

The Catalyst Fund programme was closed in July 2015. Mindful of the pressures in public sector grant funding in the cultural sector, both within the local authority and national arts programme, the Trustees are aware that project funding support will form a crucial part of its ongoing relationship with Opera North. The Trustees continue to monitor the impact of the Covid-19 pandemic and its effect on the ability of the Charity to continue. Taking account of the availability of working capital, the Trustees have concluded that the Charity will be able to continue to meet its financial obligations as they fall due for at least twelve months from the date of approval of these financial statements. Consequently, these financial statements have been prepared on the basis that the Charity is a going concern.

Public Benefit

The Trustees are aware of the Charity Commission’s advice on Charities and Public Benefit. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities for the year.

As stated in the objects of the trust, the Opera North Future Fund exists to promote and further the objects of Opera North Limited for the benefit of the public by making grants to Opera North, to encourage and support its artistic aspirations and developmental initiatives.

Key Management Personnel Remuneration

The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in notes 1 land 12 to the accounts.

5)

Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Statement of Trustees' responsibilities in respect of the Trustees' annual report and the financial statements

The charity trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustecs are required to:

• select suitable accounting policies and then apply them consistently;

• • observe the methods and principle in the applicable Charitics SORP, - make judgements and estimates that are reasonable and prudent: - state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
• • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the chanty will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust decd. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees’ Statement

The Trustees who held office at the date of approval of this Trustees’ report confirm that, so far as they are each aware, there is no relevant information of which the charity’s independent examiner 1s unaware; and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant information and to establish that the charity’s independent examiner is aware of that information.

Approved by the Trustees and signed on their behalfon — 24.1.22 by:

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.
Andrew Lawson-Tancred f t
Chairman / Loo
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6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF OPERA NORTH FUTURE FUND

I report to the trustees on my examination of the accounts of Opera North Future Fund (‘the charity’) for the year ended 31 March 2021, which are set out on pages 8 to 18.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, 1 express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that 1 am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or

2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

1 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

(SM ic ( ok ard Rec omting Lun, fool Richard Lewis FCCA The Association of Chartered Certified Accountants RSM UK Tax and Accounting Limited, Chartered Accountants Two Humber Quays Wellington Street West Hull HU1 2BN

Date: 2 ar Leow

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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Statement of financial activities

(incorporating the income and expenditure account) for the year ended 31 March 2021

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Note|2021|2021|2021|2021|2021|2020| |Expendable|Permanent|Restricted|Unrestricted|Total|Total| |endowment|endowment|funds|funds|funds|funds| |funds| |£|£|£|£|£|£| |Income|and|endowments| |Donations|and|legacies|2|60,000|-|145,000|875|205,875|500,775| |Income|from|investments|3|47,945|-|-|-|47,945|46,177| |Total|income|107,945|-|145,000|875|253,820|546,952| |Expenditure|on:| |Raising|funds|4|20,000|-|-|13,552|33,552|38,505| |Investment management|costs|13,528|-|-|-|13,528|13,393| |Charitable|activities|5|-|-|20,833|-|20,833|$22,282| |Total|expenditure|33,528|-|20,833|13,552|67,913|574,180| |Net|income/(expenditure)|before|74,417|-|124,167|(12,677)|185,907|(27,228)| |transfers| |Transfers|9|(480,620)|467,943|-|12,677|-|-| |Net income/|(expenditure)|before|(406,203)|467,943|124,167|-|185,907|(27,228)| |other|recognised|gains| |Realised|and|unrealised|gains/(losses)|311,221|-|-|-|311,221|(164,876)| |on|investment|assets|6| |Net movement in funds|(94,982)|467,943|124,167|-|497,128|(192,104)| |Total|funds brought forward|338,326|1,949,700|139,132|§,607|2,432,765|2,624,869| |Total|funds carried forward|9|243,344|2,417,643|263,299|5,607|2,929,893|2,432,765|

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The charity has no recognised gains or losses other than the net movement in funds for the period.

The above results derive wholly from continuing operations.

The notes of pages 11 to 18 form an integral part of the financial statements.

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Opera North Future Fund Trustees’ report and financial statements 31 March 202]

Balance sheet as at 31 March 2021

	Note		2021		2020
		£	£	£5	£
Fixed assets
Investments	6		2,623,244		1,927,279
Current assets
Debtorsdue withinone year	iy.	2,340		2,219
Cash at bank and in hand		409,341		659,507
		511,681		661,726
Creditors: amounts falling due within one year	&	(205,032)		(156,240)
Netcurrent assets			306,649		505,486
Net assets			2,929,893		2,432,765
Funds
Expendable Endowment	g		243,344		338,326
Permanent Endowment	9		2,417,643		1,949,700
Restricted	9		263,299		139,132
Unrestricted	9		5,607		5,607
			2,929,893		2,432.765

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The notes of pages |! to 18 form an integral part of the financial statements.
These financial statements were approved by the board of Trustees on 24.1.22 and were signed on its behalf
by: a
|L¢Andrew Law:? “ NYcred Rebecca Bletcher ,
Trustee Trustee
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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Charity registered number: 1122499 Cash flow statement for the year ended 31 March 2021

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||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Reconciliation of net incoming/(outgoing)|resources|to| |net cash|flow|from operating|activities| |Net|incoming/(outgoing)|resources|for the|year|497,128|(192,104)| |Net|investment|income|(47,945)|(46,177)| |Net|movement|in|investments|(695,965)|266,843| |(Increase)/|decrease|in|debtors|(121)|(1,988)| |Increase/|(decrease)|in|creditors|48,792|16,470| |Net cash|(outflow)/inflow|from|operating|activities|(198,111)|43,044| |Cash|flow|statement| |Net|cash|(outflow)/inflow|from|operating|activities|(198,111)|43,044| |Cash provided by investing activities| |Retums|on|investments|47,945|46,177| |(Decrease)/Increase|in cash|in|the year|(150,166)|89,221|

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Reconciliation of net cash flow to movement in net funds and cash for the year ended 31 March 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |(Decrease)/|increase|in|cash|in|the|year|(150,166)|89,221| |Net|cash|at|start|of year|659,507|$70,286| |Net|cash|at|end of|year|509,341|659,507|

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The notes on pages 11 to 18 form an integra! part of the financial statements.

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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Notes

(forming part ofthe financial statements)

1 Accounting policies

Accounting convention and basis ofpreparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, including the adoption of the amendments issued in December 2017, (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of[Ireland][(FRS102)][and][the][Charities][Act][2011][and][ UK][Generally][Accepted] Practice as it applies from | January 2015. The trust constitutes a public benefit entity as defined by FRS102.

Incoming Resources

Income is recognised in the year once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Donations are credited in the accounting period in which the cash is received, which reflects the period when the Charity is entitled to the income and the amount can be measured with reasonable certainty.

Legacy income is accounted for on an accruals basis when the Charity is notified of the entitlement to a gift and the amount can be measured with reasonable certainty.

Investment income, consisting of bank interest and dividends are accounted for on a receivable basis.

Resources Expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Costs of generating funds are those costs incurred in attracting voluntary income.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Funds ofthe Charity

The various funds of the charity are accounted for as follows:

Permanent endowment funds are funds that have been invested to produce income in accordance with the donors’ wishes. The Trustees can apply any income not retained as capital in furtherance of the objects of the charity. The Trustees may use the capital only by express permission of the donor, ordinarily not before a minimum period of 25 years.

Expendable endowment funds are funds that have been invested to produce income in accordance with the donors’ wishes. The Trustees can apply any income not retained as capital in furtherance of the objects of the charity. The Trustees may use the capital in furtherance of the objects of the charity provided there is a clear policy to restore the capital within a period of time not exceeding 10 years.

Restricted funds are funds subject to specific trusts which have been declared by the donor(s) but still within the objects of the charity.

Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. Unrestricted funds earmarked for particular purposes by the trustees are designated as separate funds. In the opinion of the trustees sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed upon it.

1]

Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Notes (continued)

Going concern

The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. The Trustees review reserves levels, commitments, cash and forecasts at least one year ahead when assessing going concern. The Trustees are mindful of the outgoing commitments of the Trust and will ensure that these do not exceed available reserves. The Catalyst Fund is a permanent endowment which must be held for a further 17 years. The Trust therefore continues to adopt a going concern basis in preparing its financial statements.

Fixed asset investments

Investments are stated at market value. The majority of listed investments are stated at the bid price or the last traded price, depending on the convention of the stock exchange on which they are quoted, at the date of the net assets statement. Fixed interest securities are stated at their clean prices. Accrued income is accounted for within income.

Unquoted securities are included at fair value estimated by the Trustee based on advice from the investment managers.

Pooled investment vehicles are stated at bid price with bid/offer spreads, or single price where there are no bid/offer spreads, as provided by the investment manager.

The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the statement of financial activities.

Taxation

Opera North Future Fund is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge has arisen in the year.

2 Income and endowments

			2021	2021	2021	2021	2021
			Expendable endowment	Permanent endowment	Restricted funds	Unrestricted funds	Total funds
			funds
			£	£	£5	£	£
Individuals’	and	corporate	60,000	-	145,000	875	205,875
donations
			500,775	-	145,000	875	205,875

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Opera North Future Fund Trustees” report and financial statements 31 March 2021

Notes (continued)

2 Income and endowments (continued)

		2020	2020	2020	2020	2020
		Expendable endowment	Permanent endowment	Restricted funds	Unrestricted funds	Total funds
		funds
		£	£	£	£	£
Individuals* and corporate		500,775	-	-	-	$00,775
donations
		$00,775	-	-	-	500,775
3	Income from investments
Investment income comprises income from deposit interest			and dividends	£47,945 (2020: £46,177).
4	Expenditure on raisingfunds
		2021	2021	2021	2021	2021
		Expendable endowment	Permanent endowment	Restricted funds	Unrestricted funds	Total funds
		funds
		£	&	ry	£	2
	Fundraising support costs	20,000	-	-	-	20,000
	General officeexpenses	-	-	-	10,471	10,471
	Professional fees	-	-	-	3,081	3,081
		20,000	-	-	13,552	33,552
		2020	2020	2020	2020	2020
		Expendable endowment	Permanent endowment	Restricted funds	Unrestricted funds	Total funds
		funds
		£	£	zs	£	£
	Fundraising support costs	27,500	-	-	7,500	35,000
	General officeexpenses	-	-	-	1,105	1,105
	Professional fees	-	-	-	2,400	2,400
		27,500	-	-	11,005	38,505

3 Income from investments

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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Notes (continued)

5 Expenditure on charitable activities

	2021	2021	2021	2021	2021
	Expendable endowment	Permanent endowment	Restricted funds	Unrestricted funds	Total funds
	funds
	£	£	£	£	£
Pettman Dare International
Performance Scholarship Programme	-	-	20,833	-	20,833
	-	-	20,833	-	20,833
	2020	2020	2020	2020	2020
	Expendable	Permanent	Restricted	Unrestricted	Total
	endowment	endowment	funds	funds	funds
	funds
	£	£	#	£	£
Pettman Dare International
Performance Scholarship Programme	-	-	97,282	-	97,282
Production, support, recordings and	-	-	5,000	420,000	425,000
project activity
	-	-	102,282	420,000	$22,282

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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Notes (continued)

6 = Investments

6 = Investments
	2020	2020
	£	=
Bought forward	1,868,088	2,142,243
Add: Additions to investments at cost	1,711,776	2,224,271
Less: Disposals at carrying value	(1,280,361)	(2,333,550)
Net gain/(loss) gain on investments	311,221	(164,876)
Carrying value atend ofyear	2,610,724	1,868,088
Cash awaiting investment	12,520	59,191
Totalinvestmentsatcarryingvalue	2,623,244	1,927,279

The portfolio of assets valued by sector is as follows:

	2021	2020
	£	£
Fixed interest	478,645	720,763
Overseas Equities	1,074,747	671,944
Alternatives	364,723	253,163
UK Equities	223,353	111,297
Multi-asset funds	296,181	64,302
Cash	12,520	59,187
Property	173,075	44,880
Ruffer - Illiquid funds	-	1,743
	2,623,244	1,927,279
7 Debtors
	2021	2020
	=	5
Interest/dividends receivable	1,791	1,671
Other debtors	549	548
	2,340	2,219

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Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Notes (continued)

8 Creditors: Amounts falling due within one year

8 Creditors: Amounts falling due within one year
	2021	2020
	£	£
Opera North reimbursement ofsupport costs	197,453	149,098
Independent Examination and legal fees	2,579	2,400
Other accruals	5,000	4,742
	205,032	156,240

9 Funds

	At3l	Incoming	Resources	Other	At31
	March2020	resources	expended	(including	March 2021
				transfers)
	52	by	£	BB	£
Expendable endowment	73,887	107,945	(33,528)	(480,620)	(332,316)
Unrealised & realised gains on investment assets	264,439	311,221	-	-	§75,660
Total expendable endowment	338,326	419,166	(33,528)	(480,620)	243,344
Permanent endowment
Catalyst permanentendowment fund	1,949,700	-	-	467,943	2,417,643
Total permanentendowment	1,949,700	-	-	467,943	2,417,643
The Pettman Classical Music Foundation	128,368	5,000	(20,833)	-	112,535
Harewood Young Artist Programme	10,764	-	-	-	10,764
Opera North activity— Parsifal	-	100,000	-	-	100,000
Opera North activity -Howard Assembly Room	-	40,000	-	-	40,000
Total restricted	139,132	145,000	(20,833)	-	263,299
Unrestricted	5,607	875	(13,552)	12,677	5,607
Totalfunds	2,432,765	565,041	(67,913)	-	2,929,893

16

Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Notes (continued)

9 Funds (continued)

	At 31 March 2019	Incoming resources	Resources expended	Other (including	At31 March 2020
				transfers)
	£	£	£	£	£
Expendableendowment	(1,167)	500,775	(40,893)	(384,828)	73,887
Unrealised& realised gainson investment assets	429,315	-	(164,876)	-	264,439
Total expendable endowment	428,148	500,775	(205,769)	(384,828)	338,326
Permanent endowment
Catalyst permanent endowment fund	1,949,700	-	-	-	1,949,700
Tota) permanent endowment	1,949,700	=	-	-	1,949,700
The Pettman Classical Music Foundation	225,650	-	(97,282)	-	128,368
Harewood Young Artist Programme	15,764	-	(5,000)	-	10,764
Total restricted	241,414	-	(102,282)	-	139,132
Unrestricted	5,607	46,177	(431,005)	384,828	5,607
Totalfunds	2,624,869	546,952	(739,056)	-	2,432,765

Expendable endowment funds total £243,344 (2020: £338,326) unrestricted funds total £5,607 (2020: £5,607) and restricted and endowment funds total £2,680,942 (2020: £2,088,832) in accordance with the definitions in note 1. During the course of the year it was agreed by the Trustees that £12,677 (2020: £384,828) would be transferred from the expendable endowment fund to unrestricted funds. At 31 March 2021, a transfer of funds was made from the expendable endowment funds to the permanent endowment funds. This was to better reflect a more appropriate nature of available expendable funds.

Analysis of net assets between funds:

	2021	2021	2021	2021	2021	2020
	Expendable	Permanent	Restricted	Unrestricted	Total	Total
	endowment	endowment	funds	funds	funds	funds
	funds
	£	£	£	£	£	£
Investments Cash atbankand inhand	205,601 235,435	2,417,643 -	- 268,299	- 5,607	2,623,244 509,341	= 1,927,279 659,507
Other net current assets	(197,692)	-	(5,000)	-	(202,692)	(154,021)
	243,344	2,417,643	263,299	5,607	2,929.893	2,432,765

N74

Opera North Future Fund Trustees’ report and financial statements 31 March 2021

Notes (continued)

10 Commitments

There are no capital commitments at 31 March 2021 for which provision should be made (31 March 2020: £nil).

11 Remuneration of trustees

None of the Trustees holding office during the period received any payment for their services as Trustees or reimbursement of expenses.

12 Related party transactions

During the year, two of the Trustees of Opera North Future Fund were also trustees of Opera North Limited. During the year the Opera North Future Fund made grants to Opera North Limited of £nil, (2020: £425,000) as detailed in the Trustees’ Report.

Opera North Limited paid costs of £53,854 (2020: £160,736) on behalf of Opera North Future Fund. Opera North Future Fund received £nil of income that related to Opera North Limited (2020: £8,000). The balance due to Opera North Limited at 31 March 2021 was £197,453 (2019: £149,098).

There are no other related party transactions to disclose.

18